Investcorp Prices Abu Dhabi IPO at Top of Range - Bloomberg
Investcorp Capital Plc’s Abu Dhabi initial public offering raised 1.66 billion dirhams ($451 million) after the deal priced at the top of the range and was upsized by 12%.
The investment vehicle backed by Investcorp Holdings, the Middle East’s biggest alternative asset manager, priced 720 million shares at 2.30 dirhams apiece, according to a statement on Friday. The pricing values Investcorp Capital at 5 billion dirhams and implies a dividend yield of 8.4% for the year ending next June.
The company said the offering was heavily oversubscribed with strong demand from international and regional institutional investors. However, it didn’t disclose how many times the IPO was oversubscribed, as many other firms have done in the region.
Investcorp sold 398.5 million shares in the offering, while the company sold 321.5 million shares. About $250 million of the offering was taken up by a cornerstone investor, a special purpose vehicle including about 160 investors from across the Gulf, including existing Investcorp clients.
Investcorp Capital’s shares will start trading on Nov. 17.
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